India yet to tap potential of mobile banking, digital financial services: Report

July 6, 2014

Photo edited with http://www.tuxpi.comIndia is yet to realise the potential of mobile banking and digital financial services even as only 47 per cent of the people have bank accounts, half of which lie dormant due to heavy reliance on cash transactions, says a report.

The Financial Inclusion Insights programme, operated by research consultancy InterMedia and supported by the Bill and Melinda Gates Foundation, is based on interviews with 45,024 Indians aged 15 years and above.Source

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India's mobile user base 918.72 mln in July

globe India's mobile phone customer base rose 0.42 percent, or a net 3.8 million, in July to 918.72 million, says data released by the sector regulator. By comparison, China, the world's biggest mobile phone market, reported a 0.28 percent monthly increase in the number of mobile subscribers to about 1.27 billion as of end-July. Active mobile subscribers in July were 797.06 million, or about 86.76 percent. Mobile connections per 100 people, known as tele-density, was 73.78 as of July. Mobile tele-density in urban areas was 140.96, compared with 43.90 in rural areas. In July, 2.86 million mobile subscribers opted to change their service providers through mobile number portability. Mobile number portability is currently allowed only within a service zone. India is divided into 22 telecommunications service zones.

Tele-density in India is 76 pct

india-4Total telephone subscriber base in India rose marginally in July to reach 94.64 crore, with 34.5 lakh users added during the month, sectoral regulator Trai said. The number of telephone subscribers in India increased from 942.95 million at the end of June, 2014 to 946.40 million at the end of July, 2014, thereby showing a monthly growth of 0.37 per cent, says TRAI. The overall tele-density in the country increased to 76 per cent from 75.80 per cent at the end of June. Urban subscription increased to 56.24 crore at the end of July from 55.97 crore at the end of June. The rural base was up from 38.31 crore, to 38.39 crore. The total wireless subscriber base rose 0.42 per cent in July to reach 91.87 crore at the end of July from 91.49 crore last month. The overall wireless tele-density has increased to 73.78 per cent.